European mid-market companies, with EBITDA typically between €25 million and €100 million;
Senior secured loans with first-ranking seniority of €50 million to €250 million.
The strategy targets first lien investments in larger companies, with lower leverage and larger equity cushions than our Mid-Market Debt strategy. Similar to Pemberton’s other strategies, there is a focus on non-cyclical companies with resilient products, contractual revenues and meaningful track record. Preferred sectors include food producers, healthcare, technology and others that support stable cash generative businesses.
Investment opportunities are originated through Pemberton’s strong and long-standing relationships with private equity sponsors, banks and advisors active in the European mid-market. In particular given its more conservative nature, the strategy works in partnership with leading commercial banks in each jurisdiction.
Refinancing portfolio companies from other strategies that have de-levered since closing provides another proprietary source of opportunities. Consistent with our Mid-Market Debt and Strategic Credit strategies, we have regular access to management and financial information that enables us to closely monitor loans post-close.
The strategy is managed by Portfolio Managers Thomas Duetoft and Andrew Benson.
Our other clearly defined risk-reward strategies
The strategy primarily focuses on investments in performing companies in defensive industries with characteristics including market-leading positions…
The strategy focuses on performing credit rather than stressed/distressed debt and loan-to-own debt investments. Depending on the credit quality…
Supply Chain Credit
The strategy provides institutional investors with potential attractive risk-adjusted returns from a diversified, stable and low-duration portfolio…